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ELITE PHARMACEUTICALS, INC.
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(Name of Registrant as Specified in Its Charter)
THE ELITE VALUE COMMITTEE
HARRIS FREEDMAN
BRIDGE VENTURES, INC.
BRIDGE VENTURES, INC. EMPLOYEE PENSION PLAN
SMACS HOLDING CORP.
SHARON WILL
SAGGI CAPITAL CORP.
SAGGI CAPITAL CORP. MONEY PURCHASE PLAN
SAGGI CAPITAL CORP. PROFIT SHARING PLAN
MICHAEL H. FREEDMAN
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-2-
PRESS RELEASE SOURCE:THE ELITE VALUE COMMITTEE
ELITE VALUE COMMITTEE UPDATES SHAREHOLDERS
NEW YORK, Oct. 10 /PRNewswire-FirstCall/--The Elite Value Committee confirmed
today that its consent solicitation did not receive the votes needed to remove
the Board of Elite Pharmaceuticals, Inc. (Amex: ELI-News). Harris Freedman,
leading the Committee in its drive to change Elite's Board of Directors, stated
"The threshold to win a consent solicitation is very high and we received a
large number of votes, but not enough to prevail. The support that we received
was extraordinary in the face of Elite's expensive scorched earth campaign. In
the final days of the contest, we believe that Elite obtained key support by
promising some shareholders that the warrants would be extended, as the
Committee proposed, and that three new Board members would be appointed. These
promises have not been fulfilled to date. Now the Board has scheduled the annual
meeting for December 12, 2002, when it may be too late for a new Board to extend
the warrants. The Committee is currently evaluating all of its options."
The Committee also announces its victory in the court case brought by Elite in
the United States District Court of New Jersey to enjoin the Committee's Consent
Solicitation. The Court denied Elite's request for a preliminary injunction. The
Committee believes that Elite instituted this lawsuit at substantial expense to
the Company in an attempt to prevent stockholders from exercising their right to
select directors. Harris Freedman, leading the Committee in its drive to change
Elite's Board of Directors, stated "we believe that the case was without merit,
and that Elite used all means at its disposal to impede the Committee's
intention to seek management changes. By pursuing this frivolous course of
action, Elite's principals have squandered valuable resources. We hope that
Elite stockholders will view the Court's ruling as vindicating the Committee's
right to pursue management change."
ON SEPTEMBER 30, 2002, THE ELITE VALUE COMMITTEE (THE "COMMITTEE") FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION ("SEC") A PRELIMINARY PROXY STATEMENT IN
CONNECTION WITH THE 2002 ANNUAL MEETING OF STOCKHOLDERS OF ELITE
PHARMACEUTICALS, INC. THE COMMITTEE WILL PREPARE AND FILE WITH THE SEC A
DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE ANNUAL MEETING. YOU SHOULD
READ THE DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION.
YOU MAY OBTAIN A FREE COPY OF THE PROXY STATEMENT AND OTHER PROXY MATERIALS WHEN
THEY BECOME AVAILABLE AT THE SEC'S INTERNET WEB SITE AT WWW.SEC.GOV OR BY
SENDING A WRITTEN REQUEST TO THE ELITE VALUE COMMITTEE, 575 LEXINGTON AVENUE,
4TH FLOOR, NEW YORK, NEW YORK 10022, ATTN: HARRIS FREEDMAN. DETAILED INFORMATION
REGARDING THE IDENTITY AND INTERESTS OF INDIVIDUALS WHO MAY BE DEEMED
PARTICIPANTS IN THE SOLICITATION OF PROXIES RELATING TO THE ANNUAL MEETING IS
AVAILABLE IN THE PRELIMINARY PROXY STATEMENT FILED WITH THE SEC ON SEPTEMBER 30,
2002.